IoT and Virtual Hospital Market Size is valued at USD 13.95 Bn in 2023 and is predicted to reach USD 57.43 Bn by the year 2031 at a 19.9% CAGR during the forecast period for 2024-2031.
The Internet of Things (IoT) and connectivity are revolutionizing the healthcare industry by enabling virtual hospitals. IoT devices provide remote patient monitoring, which improves access and quality of care while lowering costs. These virtual care solutions use wearable sensors and smart medical equipment connected via the internet to broadcast data such as vitals, activity levels, and other health parameters to clinicians even when the patient is not physically present.
The industry is being driven by the increased use of smartphones, smart devices, and wearables to monitor patients. Moreover, the industry is growing as more people use remote patient monitoring to improve out-of-hospital care. Also, rising investments in adopting digital technologies in healthcare institutions, as well as the emergence of connected care, are significant drivers of industry growth. Technological improvements, an increasing geriatric population, and the rising prevalence of chronic illnesses all have a favorable impact on market growth. Furthermore, rising affordability and lower hardware costs are fueling smartphone demand, which is likely to drive market expansion.
Competitive Landscape
Some Major Key Players In The IoT and Virtual Hospital Market:
- Microsoft,
- IBM,
- Oracle,
- GE Healthcare,
- Siemens,
- Cerner,
- Allscripts,
- McKesson,
- Koninklijke Philips,
- Medtronic
Market Segmentation:
The IoT and Virtual Hospital Market is segmented as components, applications, and end-users. As per the components, the market is segmented as Hardware, Software and Services, and Connectivity Devices. By application, the market is segmented into Remote Patient Monitoring, Telemedicine, Store and Forward Telemedicine, health, and Others. By the end-user segment comprises Hospitals and Surgical Centers, Clinical Research Organizations, Government and Defense Organizations, and Research and Diagnostics Laboratories.
Based On Application, The Telemedicine Segment Is Expected To Have The Fastest Growth.
The telemedicine segment is expected to grow the fastest over the projection period. The market is being driven by industry consolidation, strategic initiatives by leading market participants, and an increasing need to cut healthcare costs. The industry has various growth opportunities due to rising consumer demand and patient acceptability, improved quality of treatment, and more telemedicine use.
Based On Application, Hospitals, And Surgical Centers Are The Biggest Contributors To The Market.
Hospitals and Surgical Centers are the largest contributors to the market and are predicted to expand during the forecast period. This business is being propelled forward by healthcare providers' increased usage of the Internet of Things (loT) enabled medical devices to improve care delivery effectiveness and allow for patient-centric care. The growing frequency of chronic health conditions such as diabetes, cardiovascular disease, arthritis, and cancer has put pressure on hospital resources. The volume of patient data generated is growing at an exponential rate, in tandem with the total number of patients treated.
In The Region, The North America Iot And Virtual Hospital Market Holds A Significant Revenue Share.
North America is predicted to be the largest market for IoT and Virtual Hospitals over the forecast period. In North America, the remote patient monitoring application segment now dominates the burgeoning Internet of Things (IoT) and virtual hospital markets. In recent years, advancements in connected healthcare technologies have allowed for more robust remote monitoring of patients, particularly those with chronic diseases. In the North American region, the mHealth application segment also shows great promise for future growth in IoT and virtual healthcare delivery. The proliferation of smartphones and wearable technologies has opened up new avenues for disease self-management and decentralized care.The Asia Pacific region is projected to experience the highest growth within the forecast period due to enhancements in healthcare infrastructure, rising healthcare expenditure in developing Asian nations, and increased adoption of advanced technology to reduce medical expenses and optimize hospital operations, which are driving the demand for IoT in healthcare in the region.
Recent Developments:
- In June 2022, GE Healthcare launched the Allia platform, which is intended for minimally invasive image-guided surgery. The platform was created after a multiyear collaboration with surgeons and interventionists. Allia was created to improve workflow efficiency, enhance user experience, and increase the usage of picture guidance in daily practice.
- In March 2021, Surgical Theater and Medtronic announced a collaboration to integrate Surgical Theater's SyncAR augmented reality (AR) technology into Medtronic's Stealth Station S8 surgical navigation system.
IoT and Virtual Hospital Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 13.95 Bn |
|
Revenue Forecast In 2031 |
USD 57.43 Bn |
|
Growth Rate CAGR |
CAGR of 19.9% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Component, Application, End-user |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Microsoft, IBM, Oracle, GE Healthcare, Siemens, Cerner, Allscripts, McKesson, Koninklijke Philips, Medtronic and others. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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